Stone Company Changed Its Method of Pricing Inventories from Average

question 52

Multiple Choice

Stone Company changed its method of pricing inventories from average cost to FIFO.What type of accounting change does this represent?

• A)A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be presented as previously reported.
• B)A change in accounting policy for which the financial statements for prior periods included for comparative purposes should be presented as previously reported.
• C)A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be restated.
• D)A change in accounting policy for which the financial statements for prior periods included for comparative purposes should be restated.

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